Gone are the days when the number one priority for car buyers was style and dependability. These days, everyone’s main concern is fuel efficiency, and with the increasing cost of gas this comes as no surprise. This top concern for car buyers around the world is likely to increase demand for hybrid and electric cars. It should also push auto manufacturers to design more fuel efficient cars, trucks, SUVs and vans.
However, according to many top executives in the auto industry, the ability for consumers to afford electric and hybrid vehicles is low. Many consumers will not be able to do so without some sort of government subsidy. Despite this trend, the executives still say that their investment in this type of technology is very important. It will become necessary some day to have vehicles that are extremely fuel friendly.
Working together to develop new fuel technologies is the best way for these auto manufacturers to increase their share of hybrid and electric vehicles. Of all major auto companies, 68% have joined alliances and taken on joint ventures to research and develop new technology that will increase the fuel economy of vehicles.
Around the world, an increase in fuel efficiency is a concern that is not being ignored. Automakers are taking on this challenge in many different ways, but they are all looking to find better technology that will make all cars more fuel-friendly, including conventional vehicles. The U.S. government has also taken action by passing a law that states that by 2016, all fleets in the United States must get an EPA estimated 37.8 miles per gallon.
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